Seth Wenig / AP

New Jersey Governor and former Trump transition head Chris Christie told reporters at a press conference in Trenton today that he "made it very clear" to President Trump during the transition that he should not hire Michael Flynn in any capacity, per CNN.

The money quote: "If I were president-elect of the United States, I wouldn't let General Flynn into the White House, let alone give him a job."

Trump won't like this: There has been periodic speculation about Christie joining the administration, but this statement won't do him any favors. As Axios' Jonathan Swan has previously reported, White House staffers would love nothing more than to make Flynn disappear, but Trump still thinks highly of him and has not authorized his staff to criticize the ousted national security advisor.

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Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.